ARTICLE
Keep the faith. Wells Fargo global economist Jay Bryson delivered that message in a 20-minute speech during Tuesday’s Lehigh Valley Economic Outlook 2019 event before a nearly full room at SteelStacks. Bryson said that despite recent bad news — a year that ended with stock market volatility and various uncertainties in some top economic indicators — the underlying fundamentals of the economy remain strong. For example, businesses have strong capability of servicing their debt, and consumers’ “financial obligations ratio,” or the ratio of household debt payments to total disposable income, is at its lowest level in 40 years. Bryson also noted several issues that could affect the economy, under a heading on a projected image titled “What Could Go Wrong?” Among them: a second partial federal government shutdown, fallout from the Brexit issue in Europe, the debt crisis in China and more. Wells Fargo Global economist Dr. Jay Bryson gives his economic outlook presentation during the The Greater Lehigh Valley Chamber of Commerce and Wells Fargo's Lehigh Valley Economic Outlook 2019 event held at the ArtsQuest at SteelStacks in Bethlehem, Pa. on Tuesday, January 29, 2019. However, Bryson noted to those in the crowd who traveled in the snow to south Bethlehem, if the nation makes it through July without going into a recession, it would become the largest economic expansion in modern history. The Great Recession of 2007-09 is far back in the rearview mirror. “Could we get into trouble this year? Sure,” Bryson said before the event. “Knowing what I know right now … I would say this expansion probably has some room to grow.” The fast-moving 90-minute event also featured more than a half-dozen other speakers, and, as one presenter said, a “marathon” of information for the lunch crowd to digest besides their meal. Nancy Dischinat, executive director of Workforce Board Lehigh Valley, said more than 90,000 workers each day both commute out of the Lehigh Valley and travel into the Valley. The daily workforce commute, particularly among people driving to work in the Valley, “really speaks to a healthy job market,” added Becky Bradley, executive director of the Lehigh Valley Planning Commission. She said the percentage of people commuting into the Valley has grown, and that has contributed to traffic congestion along major roads including Routes 22 and 33. More than 84,000 vehicles pass daily along the Route 33 interchange directly north of Route 22. That might sound daunting, but Philadelphia’s Schuylkill Expressway handles more than 200,000 vehicles per day, she said. Dischinat also said among the challenges facing the agency she leads, which is charged in part with helping the unemployed find work, is constantly hammering home the point that business owners need to rethink how they hire and retain workers. And workers need to keep adapting and learning new skills. “But retooling our workforce is only as good as the company we keep,” Dischinat said, citing FedEx Ground, which last year opened a $335 million distribution hub near Lehigh Valley International Airport. She said to meet FedEx’s demands to hire more than 1,000 workers, the Workforce Board offered space for job fairs, and provided wage information and labor market data to help the company with negotiating wages. As has also been her method at past events, Dischinat sang her way, without accompaniment, through the end of her speech, to Peggy Lee’s “All Alone Am I.” “So please believe me … business and industry,” was the ending, in a twist on the early 1960s hit. “Let’s be happy … we have a great economy!” Other repeat speakers included Dr. Emil DiIorio, CEO of Coordinated Health, who presented a video with some of his company’s top leaders discussing strategies to stop rising health care costs. “2018 was another year where health care costs continued to go up; not down, up,” DiIorio said before showing the video. Tony Deutsch of Concannon Miller offered 10 financial resolutions businesses should consider. Some seemed to be common sense: Review your business plan; secure your data; consider a business succession plan. He noted a recent U.S. Supreme Court decision that requires out-of-state sellers to collect sales tax on revenue over $100,000, urging merchants to know the rules. “That could be a big burden on small business,” Deutsch said. Terry Rang, The Morning Call’s editor-in-chief, delivered the newspaper’s annual year in business news. The Chamber presented its 2019 Community Partner award to Andrew Wright, vice president of Vinart Dealerships, which owns Lehigh Valley Acura Honda Hyundai, Mercedes-Benz Porsche of Lehigh Valley and the Vinart Collision Center in Salisbury Township and Emmaus. The Chamber said the award goes to a “successful and esteemed business individual that is well-known to operate with integrity” as well as a strong supporter of the organization. Wells Fargo and the Greater Lehigh Valley Chamber of Commerce sponsored the event. Read the original article here.
Keep the faith.
Wells Fargo global economist Jay Bryson delivered that message in a 20-minute speech during Tuesday’s Lehigh Valley Economic Outlook 2019 event before a nearly full room at SteelStacks.
Bryson said that despite recent bad news — a year that ended with stock market volatility and various uncertainties in some top economic indicators — the underlying fundamentals of the economy remain strong. For example, businesses have strong capability of servicing their debt, and consumers’ “financial obligations ratio,” or the ratio of household debt payments to total disposable income, is at its lowest level in 40 years.
Bryson also noted several issues that could affect the economy, under a heading on a projected image titled “What Could Go Wrong?” Among them: a second partial federal government shutdown, fallout from the Brexit issue in Europe, the debt crisis in China and more.
Wells Fargo Global economist Dr. Jay Bryson gives his economic outlook presentation during the The Greater Lehigh Valley Chamber of Commerce and Wells Fargo's Lehigh Valley Economic Outlook 2019 event held at the ArtsQuest at SteelStacks in Bethlehem, Pa. on Tuesday, January 29, 2019.
However, Bryson noted to those in the crowd who traveled in the snow to south Bethlehem, if the nation makes it through July without going into a recession, it would become the largest economic expansion in modern history. The Great Recession of 2007-09 is far back in the rearview mirror.
“Could we get into trouble this year? Sure,” Bryson said before the event. “Knowing what I know right now … I would say this expansion probably has some room to grow.”
The fast-moving 90-minute event also featured more than a half-dozen other speakers, and, as one presenter said, a “marathon” of information for the lunch crowd to digest besides their meal.
Nancy Dischinat, executive director of Workforce Board Lehigh Valley, said more than 90,000 workers each day both commute out of the Lehigh Valley and travel into the Valley.
The daily workforce commute, particularly among people driving to work in the Valley, “really speaks to a healthy job market,” added Becky Bradley, executive director of the Lehigh Valley Planning Commission. She said the percentage of people commuting into the Valley has grown, and that has contributed to traffic congestion along major roads including Routes 22 and 33.
More than 84,000 vehicles pass daily along the Route 33 interchange directly north of Route 22. That might sound daunting, but Philadelphia’s Schuylkill Expressway handles more than 200,000 vehicles per day, she said.
Dischinat also said among the challenges facing the agency she leads, which is charged in part with helping the unemployed find work, is constantly hammering home the point that business owners need to rethink how they hire and retain workers. And workers need to keep adapting and learning new skills.
“But retooling our workforce is only as good as the company we keep,” Dischinat said, citing FedEx Ground, which last year opened a $335 million distribution hub near Lehigh Valley International Airport.
She said to meet FedEx’s demands to hire more than 1,000 workers, the Workforce Board offered space for job fairs, and provided wage information and labor market data to help the company with negotiating wages.
As has also been her method at past events, Dischinat sang her way, without accompaniment, through the end of her speech, to Peggy Lee’s “All Alone Am I.”
“So please believe me … business and industry,” was the ending, in a twist on the early 1960s hit. “Let’s be happy … we have a great economy!”
Other repeat speakers included Dr. Emil DiIorio, CEO of Coordinated Health, who presented a video with some of his company’s top leaders discussing strategies to stop rising health care costs.
“2018 was another year where health care costs continued to go up; not down, up,” DiIorio said before showing the video.
Tony Deutsch of Concannon Miller offered 10 financial resolutions businesses should consider. Some seemed to be common sense: Review your business plan; secure your data; consider a business succession plan. He noted a recent U.S. Supreme Court decision that requires out-of-state sellers to collect sales tax on revenue over $100,000, urging merchants to know the rules.
“That could be a big burden on small business,” Deutsch said.
Terry Rang, The Morning Call’s editor-in-chief, delivered the newspaper’s annual year in business news.
The Chamber presented its 2019 Community Partner award to Andrew Wright, vice president of Vinart Dealerships, which owns Lehigh Valley Acura Honda Hyundai, Mercedes-Benz Porsche of Lehigh Valley and the Vinart Collision Center in Salisbury Township and Emmaus. The Chamber said the award goes to a “successful and esteemed business individual that is well-known to operate with integrity” as well as a strong supporter of the organization.
Wells Fargo and the Greater Lehigh Valley Chamber of Commerce sponsored the event. Read the original article here.